Bitcoin Price Analysis: The wave pattern suggests further weakness
|- Bitcoin is trading over 3.5% lower on Monday as crypto sentiment remains weak.
- The Elliott Wave pattern suggests we could be in a 3rd wave and these are traditionally the longest.
BTC/USD 4-Hour Chart
Bitcoin is having a down day on Monday.
The digital gold is trading over 3% lower on a bad day for cryptocurrencies.
The chart below shows the Elliott Wave count on the 4-Hour chart.
We could now be in the 3rd wave lower which is normally the longest but never the shortest wave down in the wave formation.
The potential target would be the 61.8% Fibonacci on the bigger Fibonacci retracement.
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Additional Levels
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